BYCO Petroleum Limited Analysis 19 March 2013
BYCO Caution at 12.72
Our Prefrence: Buy Byco above 11.60 with target at 12.72 and upward pentration of 12.72 will call for 13.61 and 14.39
Alternative Scenario: Downward Pentration of 11.60 will call for 10.54 and 9.67
NOTE: Since 20th Feb 2013 we are recommending to buy byco when it will be near 11.60 for refrence have a look on this link for our previous mid term outlook of byco /kse-analysis/byco-byco-petroleum-limited-mid-term-analysis-20-feb-2013/ , Yesterday Byco have posted a low of 11.73 and today have moved back to retest 12.72 which falls on a resitant trend line which is pressing byco downward since it have posted a high of 14.83. Now 12.72 have become a key level for byco as if it will become able to close above 12.72 then it will start its bullish trend towards 14.39 for a mid term time period. BYCO is moving purely on technical basis since last 6 months and have a good charm for intraday traders.
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John Doe
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